International Bank of Australia gets new banking license

Global law firm Ashurst advised International Bank of Australia Pty Limited on its application for a new banking licence.

Solidify: Ashurst (International Bank of Australia)

OK: International Bank of Australia has been advised on its application to the Australian Prudential Regulation Authority (APRA) to become a Restricted Authorized Depository Institution (ADI) and IBOA Group Holdings Pty Limited as a non-operating holding company.

Assess: N / A

Lawyers Weekly Discover

Area: Company

Key players: Ashurst’s team was led by partner Stuart Dullard with support from attorney Jason Maletic.

Significance of agreement: According to a statement on the APRA website, International Bank of Australia has been licensed to operate as a Restricted Authorized Depository Institution (Restricted ADI) and IBOA Group Holdings Pty Limited as a non-operating holding company, under the Banking Act 1959.

Ashurst’s senior partner on the deal, Stuart Dullard, said the firm was pleased to assist the International Bank of Australia with the deal.

“We are delighted to have acted for the International Bank of Australia in its successful application to become a restricted ADI,” Mr. Dullard said.

“We commend the team at International Bank of Australia for reaching this milestone.”

International Bank of Australia gets new banking license

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Last update: November 11, 2022

Posted: November 14, 2022

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